A crypto whale is reserving tens of millions of {dollars} in losses after making a number of Official Trump (TRUMP) trades.
Based on blockchain monitoring platform Lookonchain, the whale’s losses have ballooned to almost $16 million on his TRUMP memecoin trades this month.
“This whale bought 743,947 TRUMP ($7.92 million) at $10.66 [Friday] – taking one other $3.3 million loss on TRUMP! He solely profited on his first TRUMP commerce. The subsequent three have been all losses, bringing his whole loss to $15.7 million.”
Earlier this month, Lookonchain observed that the identical whale at first made practically $12 million on his preliminary TRUMP commerce, earlier than struggling the massive losses.
“This whale made $11.82 million on his first TRUMP commerce, misplaced $24.35 million on the second, and took one other $201,000 loss on the third! Now, he’s back-spending $11.28 million to purchase 777,684 TRUMP at $14.50. Will he flip a revenue this time?”
Different whales are additionally taking a look at losses on their current TRUMP trades.
One deep-pocketed investor bought TRUMP for a lack of $207,000 this week after spending $5 million value of Circle’s stablecoin, USDC, to build up the memecoin proper after President Donald Trump posted “I LOVE TRUMP” on his social media platform Reality Social, in accordance with Lookonchain.
President Trump launched the memecoin in January, simply days earlier than his inauguration.
TRUMP is buying and selling for $10.27 at time of writing, down 8.1% within the final 24 hours.
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